Making contributions

Employers are required to contribute 9.5% of your salary to super but the harsh reality is this may not be enough. Take control and help with your retirement savings!

Why contribute more to your super?

Did you know a couple wanting a comfortable retirement will need approximately $58,444 a year?1 This means that even with income from super and the age pension they'd need to accumulate a lump sum balance at age 65 of around $510,0002

The majority of us are likely to not have enough super which is why it's so important to not just rely on your employer's contributions. Putting a little extra in yourself can make a big difference.

Making it happen is easy find out how.

Budgets for various households & living standards

The benefits of contributing to your super
  • Have more money in retirement
Just adding a small amount to your super could have a huge effect on your final payout and the sooner you start putting money in, the more time you could have to enjoy the benefits of compound interest. See the examples below for the difference it can make.
  • Save tax each year
Amounts you salary sacrifice are taxed at 15%, which is lower than most people's personal tax rate, which can be as high as 47%. For those earning over $250,000 a 30% contributions tax will apply.
  • Free top-ups from the government
For those earning less than $51,813 per year or who aren't working, you could be eligible to receive a bonus Government co-contribution of up to $500 a year. This is where the government automatically matches your contribution of up to 50 cents per $1, based on your income.
Am I eligible?
Some examples of the difference it could make
Age 30
Suzanna, Age 30

Before contributions:
Take home pay: $52,993

After contributions of $10/week:
Take home pay: $52,652
Tax savings: Over $100/year
Extra super at age 65: $18,0003  

Age 40
Hamish, Age 40

Before contributions:
Take home pay: $57,578

After contributions of $20/week:
Take home pay: $56,897
Tax savings: Over $350/year
Extra super at age 65: $25,0004  

Age 55
John, Age 55

Before contributions:
Take home pay: $73,053

After contributions of $100/week:
Take home pay: $69,881
Tax savings: Over $600/year
Extra super at age 65: $52,0005  

How to start contributing

There's a number of ways you can add a little extra money to your super, first you have to decide whether contributing before or after tax is more suitable to your circumstances.

Before tax contributions

Salary Sacrifice

Salary sacrificing is where you make a super contribution before you pay tax on your salary. Your employer pays extra super for you, taking the money from your pre-tax pay.

Please contact your employer and discuss salary sacrifice options with them. Most employers will allow you to make pre-tax contributions to your superannuation quickly and easily.

Or simply fill out one of our online forms and email them straight to your employer. We recommend printing or saving a copy of the form for your own financial records.

Just click on Suncorp Everyday Super or Suncorp Brighter Super and start making voluntary contributions.


Who is salary sacrifice NOT suitable for?
Those earning under $51,813. An after tax contribution may be more effective as you may be eligible to receive a government co-contribution.

After tax contributions

Includes government co-contributions

Adding to your super from your take-home pay is known as making an after-tax contribution or 'personal contribution'. These can be made on a regular or one-off basis.

Everyday Super
Contribute from your bank account over the phone or internet. You will need a biller code and reference number which is your online account no and also appears in your welcome pack.
Personal biller code: 787275
Spouse biller code: 787283 Find out about spouse super
Salary sacrifice biller code: 787317

Brighter Super
Contribute from your bank account over the phone or internet. You will need a biller code and reference number which you will find in your online account and also appears in your welcome email.
Personal biller code: 256602
Spouse biller code: 256628 Find out about spouse super
Salary sacrifice biller code: 25659

Direct Debit
Set up ongoing direct debits from your bank account by downloading a Suncorp Everyday Super or Suncorp Brighter Super direct debit request form and send it to us.

In Branch
Pop into any Suncorp branch to make a contribution by cheque, cash deposit or transfer from another Suncorp account.

Suncorp Bank App
Making personal super contributions, from a Suncorp personal Transaction or Savings account into your Suncorp Everyday Super account is now even easier with the Suncorp Bank Mobile App.

Simply download the app on your Android or Apple phone, and check out how easy it is to make personal super contributions via the app.

Don't exceed the contributions limits

There's a limit to the amount you can contribute to your super each year, before and after tax, depending on your age without incurring additional tax. Before-tax contributions include salary sacrifice, Superannuation Guarantee and other employer contributions. If you exceed your contributions limit tax penalties may apply.

Pre tax: From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age.

After tax: From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period depending on their total superannuation balance.

Grow your spouses super

You can contribute to a Suncorp super account for your spouse (married, de facto or same sex). Doing this might make sense if your spouse has a low income or does not work at all. Plus, by simply making a spouse contribution, you may be able to receive a tax offset of up to $540 each contribution year if your spouse earns less than $37,000.

For more information on the eligibility requirements, please see the ATO's website.

For more information call our experts for a free chat, Mon-Fri 8am-6pm (EST)
1800 191 517

You are eligible for a super co-contribution if:

  • You make a personal after-tax contribution to your super
  • You receive at least 10% of your assessable income from employment or self-employment activities
  • You lodge an income tax return
  • You have given us your tax file number
  • Be less than 71 years of age at the end of the financial year. If you're over 65, you must have worked at least 40 hours within 30 consecutive days
  • You have not been a temporary resident of Australia for any part of the financial year.

The advice above is current as at 25 June 2015 (using information from the ATO) is general advice only and has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting or relying on this information, you should consider its appropriateness having regard to your personal objectives, financial situation or needs and speak to a financial or tax adviser regarding your eligibility and personal circumstances